As far as a technical analysis is reliable after such a day, an attempt :
- Volume is huge, no surprise
- 2 support lines are broken. But that was also the case on “the dip” in February. And it then recovered.
- What do we have to watch ? Greece or China ?
Look at China
FXI is hitting the support level. Wouldn’t the holding or breaking of this support level be of more importance than Greece troubles ?
After the crash of march 09 all eyes were on China as a hope for the economic recovery. I don’t say that there are no troubles in Europe, but I would say that this is less ‘important’ for economic growth than China. I am thus looking forward to see how China will evolve in the coming days.